Hong Kong shares closed flat Thursday as profit-taking wiped out early gains that were fuelled by a record close on Wall Street. The benchmark Hang Seng Index edged down 2.41 points to 23,520.87 - the first loss in four days - on turnover of HK$52.06 billion (US $6.72 billion). US shares rallied on a report from the Federal Reserve that said all 12 economic regions of the country continued to expand in the six weeks to July 7.
Pointing to generally higher consumer spending, with strong auto sales outperforming other retail segments, the bank's Beige Book report is the latest to indicate the world's top economy is getting back on track. Cathay Pacific Airways added 0.42 percent to HK$14.48, HSBC rose 0.25 percent to HK$79.80 and Ping An Insurance of China dipped 0.08 percent to HK$58.95.
Internet firm Tencent slipped 0.97 percent to HK$123.1, China Mobile added 0.12 percent to HK$81.75 and casino operator Sands China sank 1.24 percent to HK55.75. In China the benchmark Shanghai Composite Index fell 0.57 percent, or 11.69 points, to 2,055.59 on turnover of 79.1 billion yuan ($12.7 billion). The Shenzhen Composite Index, which tracks stocks on China's second exchange, slid 0.56 percent, or 6.17 points, to 1,099.05 on turnover of 97.2 billion yuan.
The loss extends a sell-off on Wednesday that came despite Beijing releasing data showing the Chinese economy grew more than expected in the second quarter. "The GDP figure appeared positive, but the recovery was not as strong as the market had expected," Central China Securities analyst Zhang Gang told AFP. "The performance of the (stock) market indicated concerns over a cloudy economic outlook," he added. New energy vehicle-related plays and software developers were lower on profit-taking.
Anhui Ankai Automobile slumped 9.60 percent to 5.37 yuan in Shenzhen while fuel cell maker Lanzhou Great Wall Electrical fell 1.65 percent to 8.33 yuan in Shanghai. Also in Shanghai market, Inspur Software slipped 5.73 percent to 21.56 yuan and China National Software & Service dropped 3.11 percent to 18.37 yuan. Banks were steady in Shanghai. ICBC shed 0.29 percent to 3.45 yuan while Bank of China was unchanged at 2.57 yuan.
Comments
Comments are closed.